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Top Legitimate Ways to Make Money Through Chatbots

Chatbots have become the talk of the town lately. Around 87.2% of customers feel positive about using chatbots as their customer agent. It’s the fastest-growing brand communication channel now.


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Varun Bhagat

2 years ago | 8 min read

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Chatbots have become the talk of the town lately. Around 87.2% of customers feel positive about using chatbots as their customer agent. It’s the fastest-growing brand communication channel now.

According to Markets Insider, the chatbot market will reach US$9.4 billion in 2024 at a CAGR of 29.7% from US$2.6 billion in 2019. Its market is growing significantly nowadays, and entrepreneurs are looking for ways to make the best legitimate earnings with a chatbot.

Do you also belong to these entrepreneurs? If yes, this blog belongs to you. Here, you’ll find the top ways of making money with chatbots, and leading business giants are already following these ways. So, don’t legality is not an issue and start reading.

The Top Ways of Earning Money With Chatbots:

#1. Chatbots as a Service is a Game-Changer

Undoubtedly, chatbots are reshaping the B2C and B2B business environments. Many entrepreneurs are already creating chatbots for other businesses and earning huge money from these endeavors.

The other entrepreneurs can outsource their chatbot development to third-party developers at a nominal cost depending upon the type of chatbot required, its functionalities, no. of languages supported, etc. If you have a coding language, you can start your bots as a service business and make money through it.

I’m an entrepreneur, and I love to create chatbots for other businesses and personal use. Some of my clients pay me $100-$300 per month to maintain their chatbot. It is not much but still, it enhances my monthly earning by up to $1,200-$3,600.

And, you know what? With bots technology, you can reduce your expensive investment in SaaS tools and boost your ROI.

Bots can do incredible wonders to your business like:

  • Train and onboard new employee
  • Drive customers to your business website or social media profiles for more conversions
  • Generate leads through chatbots
  • Solve customer support queries in real-time
  • Offer a personalized shopping experience to customers 24/7, 365 days a year, and much more.

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However, if you want to create your chatbots as a service business, it’s advisable to start with the simplest chatbot that can fulfill someone’s basic needs. It will increase your chances of earning early and build your experience about how things work in this regard.

#2. Use Chatbots for Affiliate Marketing

Promote your business partners’ products and services through chatbots. If you own a blog or a website, you can promote affiliate products and earn a commission from every sale they make.

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Many top brands and companies offer affiliate programs for bloggers, influencers, and publishers. Companies like Amazon, Subway, Walmart, Target, and many others pay bloggers from US$5 — $20 per sale.

Avon, a cosmetics company, has more than 200,000 active independent sales representatives. These sales reps generate about US$8 billion in annual revenue for the company. Avon pays its sales reps as much as US$25-$100 per month for promoting their products and earns hundreds of millions from these earnings.

If you have a website or a blog with many visitors every day, you can create a particular chatbot for your affiliate marketing business and start earning.

#3. Use Chatbots for Lead Generation

Lead generation is the top priority of all entrepreneurs because it’s a driving factor to increase sales, revenue, and ROI. Bots are an excellent tool for lead generation.

Create a chatbot on your website with required information about your business, a description of its products or services, etc. You can also create a chatbot that asks visitors to provide details about their business like name, email address, contact number, a city-based business type (B2C or B2B), etc.

This information is helpful for your business because now you have the contact details of those interested in your business and its products or services. You can hit them with a lead magnet as well as an irresistible offer to convert them into customers.

Bots provide a streamlined environment for both parties (visitor and business) to communicate in a single window. It boosts the user experience and increases your website’s visibility on search engines.

#4. Earn Money with Bots from Native or Sponsor Ads

You can use a chatbot for displaying native or sponsor ads on its interface. It’s helpful for e-commerce businesses that offer an affiliate program or native ad monetization platform.

Whenever someone views your chatbot’s interface, they may see ads of relevant businesses related to your business. For instance, if you have a blog on fashion and beauty, there is a chance for appropriate firms like L’Oreal Paris, Cover Girl, etc., to place their ads on your chatbot.

Similarly, if you have a website related to the news, top news websites like CNN, New York Times, etc., place their native ads on your chatbots because it’s an effective way to reach more people. Sponsors will pay you for displaying these ads within your chatbot’s interface.

You can also charge companies for placing their ads on your website or blog. For example, if you have a blog about personal finance and want to increase its earnings, you can charge businesses to place their ads on your website’s sidebar or bottom part.

Some software platforms allow you to earn from their native ad monetization platform. One of them is Smaato, a global mobile advertising platform that helps publishers and app developers generate more revenue from their digital media inventory by offering various types of ads formats like native ads, video ads, interstitial ads, etc.

#5. Robotize Your Business Interactions

RPA (Robotic Process Automation) is a technology where bots perform any automated task that humans can perform.

If you own e-commerce business and sell various products like clothes, shoes, furniture, etc., your customer support staff receives many queries daily. If you hire more support agents for a faster response, then you will have to pay more.

You can automate your business by integrating RPA software with your e-commerce website or blog to reduce response time, allow support agents to focus on complex requests, and thus help you save costs. Bots are becoming an essential part of this technology because they come in handy for automating any business task like checking inventory, placing orders, performing customer support, etc.

Let’s clear this with an example:

Suppose you own a website where you show how-to videos. Those videos help improve your website’s SEO because it helps raise your website’s visibility on search engines.

However, if anyone sends you a message about the video they watched, bots can be programmed to reply or forward that message to a human who will attend to that request within 24 hours.

#6. Chatbots for E-Commerce

Chatbots can be helpful for e-commerce businesses to improve their sales and revenue by sending personalized notifications. Notifications like order status updates or shipment tracking help customers stay engaged with your business, which will ultimately increase their chances of returning.

According to a report by BrightEdge, “Customers are keen to use messaging apps for customer care. They want 24x7 availability and expect prompt responses within three minutes.”

For instance, if you own an e-commerce website or blog, you can send notifications to users who have recently viewed the previously added products to their cart. It will automatically allow them to know their order status without refreshing the website or app, which reduces cart abandonment rates.

It’s not just about e-commerce businesses. You can also use chatbots to boost your blog earnings by sending notifications and emails to users who didn’t complete their purchase after adding a product to the cart. It will remind them that they left something behind, and if it’s relevant, they will eventually place their order within a few days.

#7. Use Chatbots for Conversions Landing Pages

You send traffic to a landing page by promoting your product or service through social media, YouTube, Google Adwords, etc. Then that traffic converges on that particular page to take the desired action, like buying a product or subscribing to an email list. You can use chatbots on your landing page to engage users and increase conversions by sending notifications, reminders, etc. It will help you achieve your goal of bringing targeted traffic to the site while making it easier for them to take action.

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Experts consider it the best way because there are many different types of landing pages. You can experiment by testing different types of chatbots to find out what works for your business.

Wrapping Up!

Chatbots are coming up as the next big thing because they offer many legitimate ways that businesses can use to increase their sales, revenue, and customer satisfaction. Not only this, but it also increases engagement with the customers helping brands to improve their reputation.

Plenty of chatbot software platforms are available on the internet that offers different functionalities to build, deploy, test, and manage bots for your business. You can try out a few of them before finalizing your choice, which will help you achieve your goal faster.

For better assistance, you can also connect with the chatbot development company in IndiaThey will get the best business-ready chatbot for you that will generate higher business profits for you.

Good Luck!

FAQs

Q-What are chatbots?

A — Chatbots are computer programs that interact with humans through various mediums like text or voice inputs. You can program it to perform any task humanly by processing the information they receive and replying accordingly. Sometimes they are also known as Artificial Conversational Entities (ACE).

Q- Who can use chatbots?

A-Chatbots are available on multiple platforms that are used by small, medium, and large businesses. You don’t need any special technical or programming skills to build a bot, and all you need is the right software platform on which you can find different templates to create basic bots. If you want more functionalities and capabilities, you can hire a chatbot developer to take your business to the next level.

Q-How do I build a launch page through chatbots?

A-Building a landing page using chatbots is easy because plenty of platforms give you access to multiple templates and layouts. You need to choose the right one that matches your business and integrate your messaging and chatbot to the landing page. You can test different bots and different types of pages to find out what works best for your business.

Q-How does a chatbot help my business?

A- As mentioned before, there are many possible ways that you can use chatbots to grow your business by increasing engagement with customers, increasing sales, reducing operating costs, achieving growth, etc. You need to choose the right platform that offers the functionalities you desire and build your chatbot according to your needs.

Q-How much do I pay for a chatbot?

A-The price of a chatbot software depends on the features it offers. Usually, there are free and paid versions available which come with different functionalities. You can choose the features that are important to you according to your needs and budget.

Q- What are some of the best ways to earn money through chatbots?

A-There are multiple ways where chatbots help you make more money for your business, including lead generation, affiliate marketing, native advertising, conversions landing page, e-commerce store, etc. You need to integrate the chatbot into your business website and promote it through various mediums, including social media platforms, blog posts, email marketing campaigns, etc.

Q-How do I find a good chatbot development company?

A-There are many different types of companies that offer you chatbots as a service. You need to find one that has all the required functionalities to build, deploy, test, and manage bots for your business. It should also be able to upgrade its features according to your requirements.

Q-Why are chatbots better than mobile apps?

A-Chatbots are cheaper for development because they don’t require much time and effort to build and deploy. They are easier to integrate and update on any platform because you can find various templates available for each industry category.

Bots also offer value to the user through their unlimited functionalities and capabilities. They serve as a personal assistant for businesses, helping them get more customers, improve conversion rates, increase customer loyalty, etc.



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